By ~ calculated risk July 15, 2024 11:21:00 AM
In today’s Calculated Risk Real Estate Newsletter: Part 2: Housing Market Overview; Mid-July 2024
A brief excerpt:
last week Part 1: Housing Market Overview; Mid-July 2024 I reviewed housing inventory, housing starts, and sales.
In Part 2, we’ll look at home prices, mortgage rates, rents, and more.
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Another measure of home prices, the Case-Shiller index for May, suggests prices rose slightly less than a year earlier. NAR reported The median price rose 5.8% year over year in May, compared to 5.4% in April. The monthly decline in existing home sales in May was driven by the South, where prices are lowest, and the decline in sales there probably pushed the median price up slightly.ice Reported Prices in May rose 4.6% year-over-year, down 5.3% from April, according to Freddie Mac. Reported Home prices rose 5.9% in May from a year earlier, after falling 6.4% in April.
Below is a comparison of the year-over-year changes in the FMHPI, the NAR median home price, and the Case-Shiller national index.
The FMHPI and NAR median price appear to be leading indicators of Case-Shiller. Based on recent monthly data and FMHPI, tThe YoY change in the Case-Shiller index in May is likely to be lower YoY than in April..
There’s more to the article.
